Shares of First Union Corp. fell slightly Wednesday, though analysts expressed confidence that the company's restructuring will ultimately succeed.

Richard X. Bove, an analyst at Raymond James & Associates, reiterated his "strong buy" recommendation on the stock Wednesday but cut his earnings expectation to $2.58 a share, from $2.65. Susan L. Roth, an analyst at Credit Suisse First Boston, has a "hold" rating on the stock but wrote in a research note that she expects it to gain momentum this year.

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